About one-third of its franchises are actively seeking additional hangar space, which Mr. He is chief executive of Million Air, which franchises 37 fixed-base operators across Canada, Colombia and the United States. Roger Woolsey has a bird’s-eye view of the hangar-space crunch. Indeed, aircraft owners are finding that hangar rents have climbed so much that the cost to park at an airport farther from the city center and then chartering a helicopter in can be cheaper than leasing hangar space at their airport of choice. She would not disclose cost but estimated that values had increased as much as 30 to 50 percent since the beginning of the pandemic. Gist has represented a real estate deal for a 63,000-square-foot hangar facility at Burbank Airport, just outside Los Angeles an 18,000-square-foot hangar facility at Paine Field and a development of 27 hangars at John Wayne Airport in Orange County, Calif. “If you go to more tertiary airports in other parts of the country, you’ll still find some hangar space available.” “The majority of private jets want to be at certain airports, and those are the ones that are the most crowded,” Ms. “Those two factors have created the perfect storm for hangar demand nationwide.” “Even before Covid, we were on an upward economic cycle, and hangars were already pretty in demand,” she said, adding that interest in private planes grew among passengers and buyers during the pandemic. At many airports near major city centers, there simply is no more land left to lease. Sky Harbour’s luxury, full-service model is new but not unique other businesses like CloudNine Hangars, which is building four full-service hangars at the Camarillo Airport in California, are also offering hangars that blend aircraft parking and offices into one sleek space.īut there’s another issue at play, too, said Katrin Gist, who leads aviation properties for CBRE, a commercial real estate service firm. Part of the reason may be optics: Most airports are publicly run, he said, and “it’s not a very good political use of capital to build hangars for business jets on your airport.” “There’s a deficit of hangars - it’s chronic,” Mr. The hangars include adjoining offices and kitchens, as well as line services such as handling, fueling, cleaning and detailing. It’s also his first foray into the aviation world - his company, Sky Harbour, opened its first locations in Houston and Nashville in 2021, with sites in Denver, Miami and Phoenix scheduled to open next. One of those developers is Tal Keinan, an American-Israeli investor and former fighter pilot who is developing a network of luxury hangars. Developers often negotiate long-term leases with the operators and build hangar space on that land. When it comes to creating more hangar space for private jets, however, developers work with companies called fixed-base operators, which function much like marinas do for shipyards by providing all of the necessary services for flying. The United States has more airports - more than 20,000 - than any country in the world, and local municipalities own the vast majority of them. “You go to Paine Field now, there’s more airplanes than there’s places to park.” “Every year it’s gotten busier,” he said. Pellitteri said there are no hangars available at Paine Field near Seattle, either. He plans to sell the smaller ones for around $1.5 million, but said the price could increase because rising costs of steel and labor have already pushed him well over budget. Pellitteri, a resident of Seattle, said he had entered the hangar business after being frustrated by the inability to find a spot to park his plane when he shuttled to his second home in Coeur d’Alene, Idaho.īy the end of 2023, he plans to have completed four new hangars at Pappy Boyington Field in Coeur d’Alene: two for smaller jets and two for midsize aircraft like the Gulfstream 280.
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